New Delhi: The Indian Renewable Energy Development Agency Limited (IREDA) has set the revenue target of ₹3,361 crore from operations for the current fiscal.
The revenue target and other programmes were stipulated in the form of a memorandum of understanding (MoU), which the IREDA signed with the ministry of new and renewable energy (MNRE) here on Friday. The MOU was signed by Bhupinder Singh Bhalla, secretary, MNRE and Pradip Kumar Das, chairman & managing director (CMD), IREDA, in the presence of senior officials from MNRE & IREDA.
According to a statement, the central government has set a target ₹ 3,361 crores from operation for IREDA, which is up by around 18% from the previous year achievement. The MNRE has also set various performance-related key parameters such as return on net worth, return on capital employed, non-performing assets (NPA) to total loans, asset turnover ratio and earning per share, etc.
Set up in 1987 as as a public limited government company under the Companies Act, 1956, IREDA promotes, develops and extends financial assistance for renewable energy and energy efficiency/conservation projects.
Das highlighted that IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets. The company has posted 67% jump in profit after tax (PAT) in 2nd quarter of FY 2022-23, as compared to corresponding period during FY 2021-22. Most importantly, net NPAs have been reduced from 4.87% to 2.72% in quarter 2, as compared to corresponding period during FY 2021-22.
The statement further added that IREDA has demonstrated exceptional performance by securing 96.54 marks for the MoU of FY 2021-22. The company as on date, has financed more than 3,068 renewable energy projects loan accounts with cumulative loan sanction and disbursement to the tune of ₹1,41,622 crores & ₹90,037 crores respectively and has supported renewable energy capacity addition of 19,502 MW in the country.